Currency value as well as the volume of currency determines the size and wealth of a nation. But its quite misleading since both currency value and volume is often manipulated. In truth, China is most likely the world's largest economy by any standard besides currency. On any given year, it produce nearly 5 times more steel, 5 times more concrete, 5 times more meat, 5 times more wheat, 5 times more consumer goods, 5 times more industry, 5 times more in just about every thing compared to its next closest competitor.
But China will never be recognized as the world's largest economy because both the value and volume of China's Currency remains depressed by its Central Government.
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